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10 Online Financial Calculators You Never Knew That Could Make Your Life Easier

10 Online Financial Calculators You Never Knew That Could Make Your Life Easier

We make hundreds of financial decisions every day. Most are simple — do you want fries with that? — but some decisions can be quite complex. As you approach different phases of life, you may find yourself asking these questions, in need of guidance. There are a great many resources available online but I’ve highlighted my favorite 10 online financial calculators to make your life easier:

Should I Buy Or Lease?

The number of cars purchased by 18- to 34-year-olds fell nearly 30 percent from 2007 to 2011. This trend has continued with the rapid adoption of services like ZipCar so the importance of getting a good deal is more important than ever before. Use this calculator to weigh your options and make the best decision.

1 - Should I Buy Or Lease?

      (http://www.cars.com/go/advice/financing/calc/loanLeaseCalc.jsp?mode=full)

    How Much House Can I Afford?

    Likely the most significant purchase you’ll ever make, buying a home can be daunting. Give this calculator a workout in the early stages of your home search to ensure you factor in all expenses and land on a house budget that won’t leave you over extended.

    2 - How Much House Can I Afford?

        (http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx)

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      When Will My Credit Card Be Paid Off?

      The average American household has more than $15,000 in credit card debt with average interest rates hovering around 17%. Wherever you fall in the spectrum, it’s critically important to develop a debt payoff plan and take a hard look at your credit card balances first. This powerful, easy to use tool allows you to input all your credit card balance and rate information to experiment with multiple pay down plans.

      3 - When Will My Credit Card Be Paid Off?

        (http://money.cnn.com/calculator/pf/debt-free/)

        How Close Am I To My Savings Goal?

        The power of setting goals cannot be overstated. The power of achieving those goals and raising the bar works wonders for your confidence. Financial goals are no different and this thorough calculator will keep you on track.

        4 - How CLose Am I To My Savings Goal?

            (http://www.bankrate.com/calculators/savings/savings-goal-calculator-tool.aspx)

          What Happens If I Become Disabled?

          I’ve outlined before (

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          http://www.lifehack.org/articles/money/8-crucial-financial-moves-make-your-30s.html) your most valuable asset is your future earnings potential. LifeHappens, a non-profit foundation for education, helps quantify the income protection you may be lacking with this tool. 5 - What Happens If I Become Disabled?

              (http://www.lifehappens.org/insurance-overview/disability-insurance/calculate-your-needs/)

            Am I Saving Enough For Retirement?

            The age-old question: how much do I need? After consulting your financial planner for a retirement analysis, plug your current retirement savings plan into this robust calculator and adjust as needed. Remember, you need to actually MAKE any desired savings plan changes!

            6 - Am I Saving Enough For Retirement?

                (http://www.bloomberg.com/personal-finance/calculators/retirement/)

              Will I Be Able To Afford College For The Kids?

              Admittedly, paying for your kids’ college can seem like a fantasy. The earlier you start saving, and saving intelligently, the more likely you are to reach your goal. My Father paid every penny of college tuition for me and my two brothers — hands down, there’s no greater gift. The College Board provides this analysis which considers very important factors like inflation and time horizon.

              7 - Will I Be Able To Afford College For The Kids?

                  (https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-calculator)

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                How Soon Until I Pay Off The Mortgage?

                Many online and TV pundits advocate for debt free living which, for most people, means eliminating the mortgage as your most significant liability. Whether you subscribe to this ideal or you simply want to accelerate payments, this tool will help shape your payoff plan. Keep in mind, if you have a “sweetheart” mortgage interest rate, you may be better off allocating your accelerated payments elsewhere.

                8 - How Soon Until I Pay Off The Mortgage?

                    (http://www.aarp.org/money/credit-loans-debt/mortgage_payoff_calculator/)

                  What Will It Cost to Care For My Elders?

                  It’s no secret the cost of medical care is on the rise. Some industry estimates peg the cost of a private nursing home room to double over the next 15 years. Hopefully your parents and grandparents have made ample arrangements to pay for these expenses. This calculator will help you evaluate the current and projected costs in your area. Don’t know if Mom and Dad are covered? The financial burden may fall on your shoulders so ask them!

                  9 - What Will It Cost To Care For My Elders?

                      (http://www.johnhancockinsurance.com/long-term-care/cost-of-long-term-care-calculator/index.html        

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                    10.  How Long Will I Live?

                    I can’t direct you to the fountain of youth but I can steer you towards this simple exercise the bright Ivy League minds at The Wharton School created. Certainly, it’s not perfect but it will give you an idea of life expectancy so you can plan for an adequate retirement, debt management, life insurance funding, legacy planning and a slew of other important financial decisions.

                    10 - How Long Will I Live?

                        (http://gosset.wharton.upenn.edu/mortality/perl/CalcForm.html)

                      Albert Camus famously mused “Life is the sum of all your choices.” Making sound financial decisions is paramount to living the life of your dreams and no one can make sensible choices without knowledge and understanding. Use these calculators to identify the impact of significant life events and take control of your finances.

                      Featured photo credit: picjumbo via picjumbo.com

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                      Last Updated on April 28, 2020

                      9 Millionaire Success Habits That Will Inspire Your Life

                      9 Millionaire Success Habits That Will Inspire Your Life

                      As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

                      You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

                      But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

                      1. Read for Personal Development

                      A daily habit I have discovered millionaires share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

                      A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

                      While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

                      Here’re some recommendations for you: 25 Best Self Improvement Books to Read No Matter How Old You Are

                      2. Establish Multiple Sources of Income

                      Another success habit I noticed about successful people is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

                      They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

                      How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

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                      3. Live on a Stipulated Monthly Budget

                      An average millionaire does not believe in luck and jackpot. They take the time to understand cash flow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

                      The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

                      4. Manage and Maximize Money

                      The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire, regardless of their income, keep their knowledge about tax strategies updated.

                      They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

                      Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. Their US income was totaled at $79 billion with an effective tax rate of -5%.

                      What’s the deal? They got a tax refund.

                      How do they accomplish these?

                      An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible.[2]

                      5. Avoid Debt

                      Another habit that separates the millionaires from the rest of the world is how they manage debt.

                      They don’t live an extravagant lifestyle; instead, they only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

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                      They are conscious of the interest rates even when they use credits cards or take loans. If possible, they try to pay with cash because of its zero percent interest rate.

                      6. Set Daily Goals

                      It does not matter if they are setting up a business, a career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly goals to generate momentum in achieving their long-term goals.

                      Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

                      Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars rather than hundreds of dollars.

                      7. Don’t Act Rich

                      The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed in his book that for the most prestige brands of cars, about 86% percent are toys of the non-millionaires. While most believe that people with huge fortunes tend to drive exotic cars, in reality the largest consumers of pricey cars are aspiring millionaires.[3]

                      According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate.[4]

                      8. Own or Buy Businesses

                      In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

                      • E stands for employee – they work for others
                      • S stands for self-employed – they work for themselves
                      • B stands for a Business owner- employees work for them (500 or more employees)
                      • I stand for Investors – Money work for them like Warren Buffet.

                      Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

                      It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

                      Check out How to Start a Small Business with Little to No Money for tips.

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                      9. Avoid Get-Rich-Quick Scheme

                      A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

                      Bonus: How to Develop the Millionaire Success Habits?

                      Having learned these habits, the next question is,

                      How can I develop the Millionaire Success habits?

                      Here are six values you will need to develop:

                      Establish Your Life Vision

                      You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

                      Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

                      Make Your Passion a Profession

                      When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

                      So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

                      Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

                      Focus on Solution

                      Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

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                      A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

                      Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

                      Develop Your Leadership Skills

                      Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

                      Be Growth-Focused

                      Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

                      • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
                      • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

                      Flip Your Thought Pattern From Acting To Being

                      It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

                      If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

                      Here’s a final thought from me:

                      It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

                      More Success Habits

                      Featured photo credit: Austin Distel via unsplash.com

                      Reference

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